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By Doug Burke, President/CEO of CU Service Network
It’s that time of year when we give thanks for our family and friends, and before we know it, it’s the Christmas holiday and then "Happy New Year’s." Before we write off the year, we would like to update you on a variety of topics and the successes at CU Service Network.
We have added several new accounting clients over the past couple of months. Our new credit union clients range in size from $2 million in Assets up to $250 million in Assets. These credit unions are in Washington DC, Missouri, New Mexico and Colorado and one of our new clients is a brand-new start up credit union, which is so rare in the market today. Their field of membership supports clean energy initiatives including solar and low emission vehicles. We are excited to onboard our new clients, introducing them to streamlined accounting processes.
Our Compliance Services has seen tremendous growth in the past year. We now provide ongoing support to 38 credit unions in 16 states. We continue to partner with other credit union organizations to provide quality education sessions at national, state, and local events. A misconception is the service is for small to mid-size credits unions. Not true, we support a number of $billion+ credit unions.
The accounting and compliance teams are diligently preparing a new client services portal to go live by the 1st of the year. The goals of the system are to increase workflow efficiencies and communications between our staff and our credit unions. System modules include:
We are excited about the system and can’t wait to introduce the new system in the next 45 days.
A survey was conducted in Q1 to get insights from credit unions on their current pain points.As depicted by the graph, data analytics is a common pain point but also a great opportunity for us to assist credit unions. Fast forward to Q3: the Board of Managers approved funding for the development of a Data Analytics Strategy and Roadmap. We have hired consulting resources to assist in the development of the plan and are working closely with two credit union committees; Executive Steering (CEOs) and Working Advisory (senior management). We are striving to complete the plan document by the end of January.
All of these initiatives are only possible with a great staff, which I’m extremely thankful for!
Thanks for reading,